Real estate advisory firm Newmark Knight Frank arranged a $28.3-million construction loan for the redevelopment of the historic Midland Building in Des Moines, Iowa.
Chicago-based hotel company Aparium Hotel Group will complete a nearly $48-million development project to renovate the property into a four-star hotel.
Located at 206 Sixth Ave. in Des Moines, the 12-story, century-old Midland Building will be transformed from an office tower into a luxury, 137-room boutique hotel. Construction has commenced and when completed will offer a full-service restaurant, 200-person ballroom, meeting rooms, conference rooms and an outdoor courtyard. Aparium, which purchased the Midland Building in February 2017, will manage the hotel. The firm is known for renovating historic buildings into upscale hotels and has a portfolio of lodgings around the Midwest.
Executive managing director Ben Greazel of NKF’s Chicago capital markets group originated the construction loan on behalf of the borrower. Greazel secured the financing with First National Bank of Omaha.
“We are fortunate to assist our long-time client, Aparium, with a solution to its financing needs,” Greazel said in a statement. “The hotel will be a first-class, dynamic project that will be an amazing addition to downtown Des Moines.”